The price of Bitcoin touched USD 14,000 on Tuesday when it reached USD 13,850.
A brief challenge of USD 14,000 produced high volatility for the BTC/USD, which subsequently fell by more than USD 500 in hours. Yes, this Tuesday, the price of Bitcoin touched USD 14,000, reaching exactly USD 13,850.
The Bitcoin price fell to USD 13,300 on October 28 after a new test of its 2019 resistance levels was rejected. After failing to reach USD 14,000, uncertain conditions prevailed, culminating in this brief drop.
The main crypt currency is currently quoted at USD 13,140. With a falling variation of -1.88% in the last 24 hours, according to our online crypto tool.
What about Bitcoin? Wall Street guru explained what the future of the star cryptomoney will be
Amid the sharp rise in its value, one of Wall Street’s leading experts predicted that Bitcoin will be like „digital gold“. And it won’t be used in the same way as the traditional currency for at least the next five years.
This is what billionaire investor Mike Novogratz told Bloomberg. „I don’t think Bitcoin is going to be used as a transaction currency at any time in the next five years. Said the Bitcoin bull in an interview with Bloomberg TV and Radio. „Bitcoin is being used as a store of value.
In nominal terms, Bitcoin remains a relatively small asset class. Mostly favoured by millennial investors who do not yet have as much influence on financial markets. Compared to previous generations who usually chose physical gold as a store of value.
Novogratz, who has long advocated the widespread adoption of digital currencies, believes that while Bitcoin may have more advantages, it won’t be used for daily transactions in the short term.
„Bitcoin like gold, like digital gold, will continue to rise,“ said the former hedge fund manager. „More and more people will want it as part of their portfolio. The price of Bitcoin was close to USD 14,000, up more than 14% in the last week.
More than half of US investors interested in BTC
A survey by digital asset manager Grayscale Investments suggests that investor interest in Bitcoin is on the rise. And that the leading market capitalisation-based cryptomoney is on its way to widespread adoption.
Released Tuesday, Grayscale’s „Bitcoin Investor Survey“ revealed that more than half (55%) of US investors who responded are interested in buying bitcoins (BTC) by 2020.
Compared to the previous year, the results mark a „significant increase“, the company said, with a 19% rise.
The data also showed that most bitcoin investors made allocations in the last 12 months. With 38% investing in the last four months. 26% between five and six months ago and 19% between seven and 12 months ago.
The strongest stated driver for bitcoin investments was the coronavirus pandemic, which prompted 63% of respondents to invest, the research showed.
Coinbase falls as Bitcoin nears 2019 high
Coinbase, the US crypto-currency exchange, has shut down trade due to feeding problems amidst Bitcoin’s rise to a 2019 high of around USD 13,880.
According to a company update on Wednesday, Coinbase said they were „currently investigating the problem“, although no further comments were provided.
Coinbase has suffered a number of disruptions during busy trading periods this year. Including on September 4, the last time an interruption caused trade to be difficult. According to the company’s status page.
The disruption comes at a time when Bitcoin has rapidly approached new highs not seen since 26 June 2019.
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